Walgreens to acquire Boston-based specialty pharmacy business

DEERFIELD - Walgreens Boots Alliance Inc., through its wholly-owned Walgreen Co. drugstore subsidiary, said it is making a majority investment in Boston-based Shields Health Solutions, an industry leader in integrated, health system-owned specialty pharmacy care.

The approximately $970 million investment will support the continued growth of Shields' health system-based specialty pharmacy strategy, and builds on a minority equity investment that WBA announced in July 2019. The new investment gives WBA approximately 71% ownership of Shields, with an option to acquire the remaining equity interests in the future, the company said.

The transaction is subject to the regulatory approvals and other customary closing conditions and is expected to close by the end of March next year

"We're continuing to make strategic investments in pharmacy and health care solutions that can build on our core pharmacy business, and further expand our health care reach in communities," said Roz Brewer, CEO, Walgreens Boots Alliance.

Over the last two years, Shields has rapidly expanded its platform to more than 70 health system partners nationwide, serving more than 1 million patients. The company helps health care systems elevate and scale clinical and operational pharmacy services, improving financial performance, it said in a news release, not just within specialty pharmacies but throughout the entire health system.